If you're feeling concerned about your ability to reach your goals, you're not alone. The problem I see far too often is the business owner who feels overwhelmed because things are happening too fast and there's not enough time to follow through. Or at the opposite end, sales have dropped off drastically and all attempts to turn things around have failed.
What can be done to bring these challenges into perspective and gain control? The answer is: think like a leader.
Business Leadership NOW is the cry across the nation for businesses both large and small. As a business owner, by default, you are the leader of your business. You can either ignore the impact of the role and bear the consequences or grab the reins and choose your destiny.
As a coach working with small business owners for over a decade I've seen the difference it makes when entrepreneurs consciously choose to function as leader and learn to apply the fundamentals of good business practice.
I base my work on what I call the Prime Strategies. These are the strategies that lead to a strong and profitable business in any economic environment. These are also the strategies that allow the entrepreneur to gain a sense of control over business results.
There are six strategies I consider critical to be understood and applied on a consistent basis.
Clarify Vision and Mission
Develop Goals
Create a Strategy to Achieve your Goals
Write a Plan to Fulfill your Strategy
Take Action on your Plan
Monitor Results
I think of these as a cycle, starting with the most abstract -- your business vision and mission. The next step toward realizing the vision is to carry out your mission using a strategy with goals as interim targets that can be quantified. Your plan identifies the specific actions that will carry out your strategy and should include the costs to do so. An important part of the planning process is to identify what expenses must be incurred in order to create the results you want.
Of course, the most important part is the action - actually taking those specific sequential steps that you've committed to your calendar. Once you've acted, the most tangible part of the process, your financial statements, will tell you whether or not your plan worked. It's important to review and analyze this information so you're in a position to make better, more informed business decisions. Repeated on a periodic basis, this cycle will lead to realization of your vision.
Learning how to apply these strategies isn't second nature to most small business owners, but the knowledge and skill can be transferred easily to those who are open to new ideas and ready to learn. It's time to call upon the expertise and perspective of others.
Being an entrepreneur can be a lonely lot. The ultimate decision and responsibility always falls to us. Bad decisions can be very costly, but making no decision can be just as costly.
By nature we feel we know what to do and can do it all ourselves. That's a hurdle that all entrepreneurs must overcome in order to grow, thrive and prosper. We tend to hold on to jobs that would better and more cost effectively be completed by someone else. Once we identify our strengths and our limitations and give ourselves permission to get help, we can reach out to others when our needs are outside our core expertise.
Here are some of the ways to expand your capabilities and your horizons.
- Outsource and Contract for Services
It's possible to build a sizable business using only outsourced and contract services. Contracting for expertise or services is a way many small businesses are growing without having to make huge capital commitments.
- Create an Advisory Board
I recommend either a formal or informal Advisory Board of trusted colleagues who can give you valuable perspective from different vantage points. Your payment to them is their opportunity to gain from the interaction with you and the other experts on your Board.
- Become an Expert in your Network
Most of us underutilize our network. I know from personal experience that I was slow to activate my network. Since doing so, however, I'm seeing a renewed interest in my work. I've become clearer about the expertise I offer and am taking active steps to make it available to my network.
- Poll your Market
Your customers, prospects and even your competitors can be a great source of valuable information and a reference for distinguishing yourself in your market. Ask them and listen to the answer.
- Tap your Inner Circle
Not everyone can benefit from working with a coach, even though I'm partial to that method, of course. I rarely meet an entrepreneur who has used a business coach who doesn't highly value their accomplishments with their coach. Building your own small business development group might be the perfect choice for you, however. The most important thing is that you create a core inner circle on whom you can rely for truthful and constructive feedback.
What the economy needs now are small business leaders; those who are building strong and profitable businesses for themselves while contributing to the economic well-being of the 21st Century.
According to Jim Blasingame, well-known radio show host and publisher of The Small Business Advocate, "the 21st Century is the Century of the Entrepreneur."
Are you armed with what you need to lead your business to success and profit? Where will you be this time next year? If you're feeling unsure, get the help you need NOW and assure your place in the Century of the Entrepreneur.
Read additional Business Success Articles at http://primestrategies.com/success_articles.
The Call to Leadership - To learn more about this author, visit Marian Banker's Website.
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Leanne Hoagland Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales success or one of the many who have failed to change? So what are you doing to change those results? Let’s be honest, with companies moving globally and at lightening speeds, the traditional business solutions are outdated and dead. My approach moves your business out of its comfort zone and secures your competitive advantage now. If you are seeking to increase sales, build customer loyalty, create a culture of great attitudes or just achieve some sleep filled nights, then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspecialist.com/customer-loyalty.htm Give me a call at 219.759.5601 for a free strategy session. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland Smith's Website |
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Marian Banker
(Visit Marian's Website)
A coach with passion for her work and her
clients' success, Marian will inspire and
challenge you to find and stay on your
right path. She is a seasoned executive,
entrepreneur and professional and shares
that expertise with her clients. You can
count on her as a partner and guide to
accelerate the achievement of your goals.
Producer and host for Small Business
Summit 2006, 2007 and 2008, an all-day
conference that brings together small
business owners and technology providers.
Creator of the "Business Success System",
a step-by-step process with tools, text
and a virtual classroom atmosphere.
Since 1995, has coached Entrepreneurs,
Professionals and Executives in transition
to become business leaders. Emphasis is on
what it takes to lead a business to
success.
Holds a Masters in Business Administration
and has over 25 years experience as senior
executive, consultant, entrepreneur,
educator, mentor and coach.
Founded Prime Strategies in 1996 to
provide the small business community with
coaching, consulting and training in
business leadership, translated into plain
English for the typical small business
owner.
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